The European Investment Bank’s financial support will impact renewable energy projects, modernizing the infrastructures for tap water, and supporting the private sector.
Rabat – The vice-president of the European Investment Bank (EIB) in charge of the bank’s activities in Morocco, Emma Navarro, signed new agreements with Morocco to fund strategic projects in Morocco on Friday, December 13.
During her official visit to Morocco, Navarro approved a total of €401.5 million funding to develop renewable energy projects, modernizing infrastructures for tap water, and supporting the private sector.
In the sector of renewable energies, the EIB signed a funding agreement with Morocco’s Office of Electricity and Drinking Water (ONEE) on Saturday, December 14.
The funding of €129 million concerns the construction of 7 photovoltaic power plants with a total installed power of 200 MW in eastern and southern Morocco at the Noor Atlas projects.
EIB will finance technical assistance as part of its Economic Resilience Initiative to oversee the implementation of the Noor Atlas projects
The Economic Resilience Initiative is upgrading social and economic infrastructure and stimulating private-sector growth and job creation.
The project is part of the national energy strategy that aims to ensure electricity supply and improving the quality of service provided for remote areas.
The two institutions inked a second funding agreement of €37.5 million to secure and improve the supply of drinking water to small and medium-sized Moroccan urban agglomerations.
The aim is to increase the resilience of the towns to the effects of climate change and improve the performance of drinking water supply facilities.
The new funding brings the total amount of the financial partnership between the ONEE and the EIB to nearly €2 billion.
For the water sector alone, the EIB has allocated around €366.5 million euros for the implementation of 9 drinking water and sanitation projects.
Support for bio-economy
The vice-president also approved an envelope of €235 million mainly dedicated to Small and Medium-Sized Enterprises (SMEs) and mid-cap companies in the bio-economy field.
The bio-economy field involves key sectors including energy, transport, water and sanitation, education, health, social housing, industry, business support, and innovation.
Developing the sector is crucial for Morocco both in terms of growth and food security, with a long-awaited socio-economic impact in rural areas.
As part of the EIB-Morocco partnership to support companies, the project has seen a total budget of €5 billion in the past ten years.